By Clarence Leong
Tata Steel Ltd.’s fourth-quarter profit jumped 47% amid a broad-based improvement in sales across its business segments.
Net profit attributable to company owners came to 97.56 billion rupees ($1.28 billion) for the quarter, up from INR66.44 billion in the same period last year, the Indian company said in a filing Tuesday.
Revenue from operations was INR693.24 billion, up from INR500.28 billion a year earlier. Tata Steel’s European operations helped drive the increase with a revenue expansion of more than 50%.
For the year ended in March, the steelmaker’s net profit was INR401.54 billion, more than five times that of the previous year’s INR74.90 billion. The company set a new record for annual crude steel production, up 13% from the previous year, with better sales volumes across segments from automotive to industrial products.
The strong results were achieved “despite the significant surge in international coal prices and inflationary impact of various commodities,” Tata Steel Chief Financial Officer Koushik Chatterjee said.
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(END) Dow Jones Newswires
May 03, 2022 23:03 ET (03:03 GMT)
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